AlphaValue Corporate Services Fundamental Analysis FR
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AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II

Chargeurs

CR
Bloomberg   CRI FP
Holding Companies  /  France  Web Site   |   Investors Relation
2025 objectives raise organic growth ambitions
Target Change05/05/2021

Minor EPS adjustments following Q1 top-line publication

Change in Target Price€ 33.9 vs 34.0-0.32%

The adjustments made to our FY21-22 EPS estimates have a negligible effect on our target price. We remain convinced on Chargeurs' solid business models and operational strengths, which are set to benefit from supportive demand trends including the progressive recovery of sectors such as construction and the lifting of lockdown restrictions in Western markets. The latter should also lead to an improvement in market conditions in the retail and fashion industries, ameliorating the outlook for CFT-PCC, CLM and the technical substrates business under CMS, all of which were most affected by the COVID-19 pandemic.



Change in EPS2021 : € 1.13 vs 1.21-6.73%
2022 : € 1.30 vs 1.33-2.84%

Following the publication of the record Q1 revenues, we have adjusted our FY21-22 EPS slightly; notably we have rectified our forecasts for the Protective Films division which overestimated the effect on revenues from the strong demand recovery seen across sectors such as construction due to a "restocking effect".

This results in CPF's FY21e revenues reaching €317m instead of €385m. We have also adjusted our profitability assumptions for the division in 2021, rising more in line with the 2019 performance. These changes have only a minor impact on our FY21e EPS.



Target
Upside 31.6%
Price (€) 26.42
Market Cap (€M) 643
Perf. 1W: 2.32%
Perf. 1M: 25.8%
Perf. 3M: 21.2%
Perf Ytd: 59.6%
10 day relative perf. to stoxx600: 16.8%
20 day relative perf. to stoxx600: 25.1%
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